Wise Test Quiz With Qquestions and Answers 100%

Wise Test When a person brings an item to a pawnshop to obtain cash, the transaction is considered - Answer- a collateralized loan. To qualify for a Federal Housing Administration (FHA) loan, a person must generally - Answer- fulfill income guidelines. A person has three credit cards with very large outstanding balances and is unable to make payments on any of them. Which action should the person take? - Answer- Notify the credit card companies in order to negotiate a new payment plan. Which of the following is considered to be open-end credit? - Answer- Department store charge cards. What is meant by an uncollateralized loan? - Answer- A personal loan without assets to cover the loan amount. Which of the following does the Federal Reserve use to regulate the nation's money supply? - Answer- Monetary policy Money for saving, investing, or spending cannot be from: - Answer- Capital losses from the sale of stock Jami lost her debit card. She did not report it missing for 3 months. If an unauthorized person used her debit card, her maximum liability is: - Answer- Unlimited liability Susan gives Marie her ABC Credit Union debit card and personal identification number (PIN) so Marie could get $25 from Susan's bank account. Marie withdrew $100 instead of the agreed to $25. How can Susan get the $75 back? - Answer- No bank or government agency is obligated to reimburse Susan because she authorized Marie to use her ATM card and PIN A man budgeted $200 a month for clothing. This month the man spent $150 on clothing therefore that budget item is considered to have - Answer- a budget variance. A person complains about how expensive it is to be a cigarette smoker. One of the reasons cigarettes are so expensive is that - Answer- he government imposes an excise tax on them. A person's debt ratio shows the relationship between debt and net worth. The lower the ratio the - Answer- better off financially the person is. One of the benefits of holding an investment for over a year rather than selling it in less than a year is that the - Answer- capital gains on the investment will be taxed at a lower rate. A company offers a defined-contribution pension plan which means that upon retirement the employee will receive - Answer- the total amount of money contributed plus investment earnings. After five years of owning a Roth Individual Retirement Account (IRA), a pe